STM Group PLC Appeal of Adams v Carey case (0756X)
April 29 2021 - 04:50AM
UK Regulatory
TIDMSTM
RNS Number : 0756X
STM Group PLC
29 April 2021
STM Group Plc
("STM", the "Company" or the "Group")
Appeal of Adams v Carey case
STM Group Plc (AIM: STM), the cross-border financial services
provider, announces that following the announcement made by the
Company on 1 April 2021, its subsidiary company Options UK Personal
Pensions LLP (formerly Carey UK Pensions LLP) ("Options") yesterday
afternoon sought permission from the Supreme Court to appeal the
recent judgment by the Court of Appeal in the long-standing Adams v
Carey case. The original case was heard in March 2018 and relates
to an investment made in 2012.
Options, and their advisers, consider that the Court of Appeal
erred in law in its application of s.27 and s.28 of the Financial
Services and Markets Act 2000, including in its consideration of
what acts constituted the underlying relevant activities. The Court
of Appeal's findings in that respect are of significant general
public importance and broader application to the entire financial
services industry. These are issues which warrant consideration
from the highest Court.
Alan Kentish, CEO of STM Group Plc, commented:
"It is a natural step for Options, having spoken with its
advisers, to request leave to appeal to the Supreme Court. There
are clearly some very significant factors here that will not only
impact the SIPP market, but also the wider United Kingdom financial
services market as a whole. It seems there could be significant
unintended consequences flowing from the judgment.
"There are real risks for firms and third parties who may have
inadvertently stepped over an unclear regulatory line. This is a
wholly undesirable outcome for providers and firms involved in the
financial services sector and will drive up costs for consumers.
The whole market needs more guidance on this issue, and we hope
that this would be forthcoming as part of any appeal to the Supreme
Court."
For further information, please contact:
STM Group Plc
Alan Kentish, Chief Executive Officer Via Walbrook PR
Therese Neish, Chief Financial Officer www.stmgroupplc.com
FinnCap www.finncap.com
Matt Goode / Emily Watts - Corporate Finance Tel: +44 (0) 20 7220
Tim Redfern / Richard Chambers - ECM 0500
Walbrook www.walbrookpr.com
Tom Cooper / Paul Vann Tel: +44 (0) 20 7933
8780
Mob: +44 (0) 797 122
1972
STM@walbrookpr.com
Notes to editors:
STM is a multi-jurisdictional financial services group which is
listed on the AIM Market of the London Stock Exchange. The Group
specialises in the delivery of a wide range of financial service
products to professional intermediaries and the administration of
assets for international clients in relation to retirement, estate
and succession planning and wealth structuring.
Today, STM has operations in UK, Gibraltar, Malta, Jersey and
Spain. The Group is looking to expand through the development of
additional products and services that its ever more sophisticated
clients demand. STM has developed a specialist international
pensions division which specialises in SIPPs, Qualifying Recognised
Overseas Pension Schemes (QROPS), Qualifying Non UK Pension Schemes
(QNUPS). STM has two Gibraltar life assurance companies which
provide life insurance bonds - wrappers in which a variety of
investments, including investment funds, can be held.
Further information on STM Group can be found at
www.stmgroupplc.com
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END
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